Ink Protocol | Restoring Trust In P2P Marketplaces

The invention of the internet in 1991 is one of the greatest things that has ever happened to mankind, internet paved the way for so many breakthroughs, from instant messaging to e-commerce, before the invention of the internet, if you wanted to send a picture to a family member who is not close, you would have to send them a mail which might take days to reach them but because of the internet, instant messaging and social media has made such tasks so easy that it could take only seconds. But to me, the of the best things that came with the internet is peer-to-peer(P2P) marketplaces.

Imagine you have a perfectly working TV set you want to sell because you needed cash for something else, before the invention of P2P marketplaces, you would need to carry that tv from one used goods store to another until u see one that MIGHT agree to buy it, this is an endavour that could take a whole day or possibly days of your time but with the invention of P2P marketplaces online, all you have to do is post an what you want to sell in a P2P marketplace like Listia and interested parties would contact you. Easy as ABC. To crown it all, it is not only goods that can be bought in P2P marketplaces because in a project like Boontech, you can also find freelancers for a variety of services and you can deal with them directly.

But with all the perks of the P2P marketplaces, there is one big problem and that big problem is the issue of trust and fraud. Many people have been defrauded in P2P marketplaces because they either pay for goods they never get or send goods to potential buyers who end up never paying them. I have been a victim of this.

Have you ever wished there are a decentralised means of handling escrow services in P2P marketplaces? A system that would not just act as an escrow but also grade traders reputation so you can know who to trade with and who to avoid? If you answer to these questions is yes, then I am proud to introduce you to Ink Protocol.

What is INK Protocol?
Ink Protocol is a decentralised Escrow service that utilizes smart contracts to decentralize
reputation and payment services in P2P transactions anywhere in the world. It doesnt require a marketplace. Ink Protocol is a subsidiary of Listia. Listia is a P2P marketplace that was founded in 2009 and presently, Listia has about 10 million registered users with over 100million items transacted in the marketplace, so you can see that the Ink Protocol project isn't one that was just founded by a group of random people, Ink Protocol was created to solve a real problem associated with P2P exchanges of goods and services. But like i said earlier, Ink Protocol is not just limited to decentralised marketplaces like Listia, it can be used anywhere there is a P2P transaction!.

The best part about Ink Protocol is that it also serves as a fully decentralized reputation system for potentially any P2P transactions,anytime a seller completes a transaction, the seller would be awarded a trust point and the more successful transactions u make, the more your trust level, this helps potential buyer know who to buy from and greatly reduces the risk of being defrauded, your earned trust rating is not just restricted to a platform, you can bring your reputation to any marketplace you want to make a transaction, it is just like wearing a badge that proclaims your trust level. Awesome right?

The Ink Protocol system is powered by the Ink utility token (XNK) which is an ERC-20 token in the Ethereum network, XNK is used to pay all transaction fees and is also used as a mode of payment for transactions in the Ink Ecosystem. XNK has a total supply of 500million, Presently you can use XNK for transactions in the Listia Marketplace and All Lisitia Credits will be replaced by XNK tokens, you can also purchase XNK in Qryptos and Idex Exchanges.

• Qryptos: https://www.qryptos.com/campaign/xnk
• Idex: https://idex.market/eth/xnk

Token Distribution
Distribution / Network Incentives – 32%
Retained by Listia – 32%
Token sale – 30%
Existing Listia Credits – 6%
Please note that Ink successfully completed their ICO and hardcap was reached

The Ink Protocol Team
Gee-Hwan Chaung: is the CEO and Cofounder of both Listia and Ink Protocol. He founded Listia in 2009 and has since then been running the business for nearly a decade. Prior to his success with Listia, Gee founded several other online businesses and also worked as a Senior Software Developer. He holds an MSc in Electrical Engineering from Cornell University. | https://www.linkedin.com/in/geechuang/

James Fong: is President and Cofounder of Listia and Ink Protocol. He has 5 years experience in computer engineering prior to founding Listia. He holds an MSc in Electrical Engineering from San Jose State University. | https://www.linkedin.com/in/jameshfong/

Ngan Pham: has been CTO at Listia for the past 6 years and is carrying over his responsibilities to Ink Protocol. Ngan has been in the software development world for 13 years, having spent most of his career prior to Listia as a software engineer. He holds a BS in Computer Science from UC Davis. |
https://www.linkedin.com/in/nganpham63/

You can view the other members if the team here: https://paywithink.com

Partnerships:

You can find out more about Ink Protocol with the links below:
Website: https://paywithink.com
Blog: https://medium.com/@PayWithInk
Telegram: https://t.me/paywithink
Twitter: https://twitter.com/PayWithInk
Whitepaper: https://paywithink.com/#documents